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Jan 24, 2013 7:30am EST
deficit as exports slide. welcome to nhk world "newsline." authorities in north korea say they plan to carry out what they call a nuclear test of a higher level. they add that they plan to launch more long-range rockets. officials with the country's national defense ministry issued a statement warning of all-out action to defend north korea's sovereignty. >> translator: a series of satellite and long-range rocket launchers by the dprk and a higher nuclear level test are parts of an all-out action. this is a new phase in the anti-u.s. struggle that has lasts for centuries. we do not hide that the target of these actions is the united states, the sworn enemy of the korean people. >> the country's space agency launched a rocket last month. authorities claimed it was to orbit a satellite but other countries say north koreans were testing long-range ballistic missile technology. scientists in the north half carried out two previous nuclear tests in 2006 and 2009. experts have been suggesting for weeks that they could be preparing for a third. the united nations resolutions ban north korea f
Jan 22, 2013 6:30pm PST
desafÍos pero con esperanza. >> dÉficit en aumento los preocupantes datos que revela un estudio sobre el dÉficit de atenciÓn entre los niÑos. y el bebÉ de shakira nace el heredero de la cantante shakira en el noticiero telemundo. >> en josÉ dÍaz-balart para washington, dc despuÉs del gran dÍa de la inauguraciÓn presidencial en washington en el segundo mandato en medio de retos y compromisos entre ellos por supuesto en forma migratoria integral. en cuanto al lÍmite de la deuda siempre hay nuevas es nuestro clan de privilegio de extender una bienvenida a esta casa de oraciÓn para todos los pueblos. >> el dÍa lo comenzaron entre oraciones. y cÁnticos en la catedral de washington, aquÍ las oraciones se hicieron eco de la peticiÓn de obama que haya mÁs partidismo y cooperaciÓn, los partidarios confÍan en que habÁa concept conceptos. >> pedir a dios que serÁ mejor, como los 4 aÑos que no demostrÓ mucho, pero por lo menos sacÓ los 4 aÑos que tenÍa que sacar. >> Él hizo un buen trabajo, el congreso no lo deja trabajar. >> el presidente y la primera dama tomaron
Jan 23, 2013 10:00am EST
sit at the table and we understand how to deal with the oncoming issue of the deficit. how do we deal with that? we do it with growth. in the constitution it doesn't suggest under this article we ought to do brinksmanship and to do two weeks or to may. what happens in may? a crisis where we can't pay our military? the debt ceiling is paying the debt. i am troubled, i am troubled by the fact that we would use this tactic. i want bipartisanship. in fact, someone who raises issues about the vulnerable, like myself, have worked with my republican friends. i look forward to doing it. i am an american. i believe in the constitution, but you do not raise the debt ceiling in increments. the administration says we won't stop it but we want a long-term increase so we can begin to discuss the building of this nation. growth, the constitution, that's what we should be talking about, making america better. i yield back the balance of my time. the speaker pro tempore: the gentlelady's time has expired. the gentleman from texas is recognized. mr. sessions: thank you very much, mr. speaker. the
Jan 24, 2013 6:00am PST
deficit as exports slide. >>> welcome to nhk world "newsline." authorities in north korea say they plan to carry out what they call a nuclear test of a higher level. they add that they plan to launch more long-range rockets. officials with the country's national defense ministry issued a statement warning of all-out action to defend north korea's sovereignty. >> translator: a series of satellite and long-range rocket launchers by the dprk and a higher level nuclear test are parts of an all-out action. this is a new phase in the anti-u.s. struggle that has lasted for centuries. we do not hide that the target of these actions is the united states, the sworn enemy of the korean people. >> the country's space agency launched a rocket last month. authorities claimed it was to orbit a satellite but other countries say north koreans were testing long-range ballistic missile technology. scientists in the north half carried out two previous nuclear tests in 2006 and 2009. experts have been suggesting for weeks that they could be preparing for a third. the united nations resolutions ban north kor
Jan 25, 2013 6:00am EST
the problem really is. yes, we have a series problem with a trillion dollars budget deficit today but really largess that is the problem is dwarfed by our long run fiscal empowerment program. we know some of the basis reform, bipartisan reforms that can be enacted that will go a long way to getting medicare and social security, in particular under control on a more sustainable path. that's where congress should be looking as we debate fiscal policy this year beginning with the deficit. >> do you think investors looked beyond that debt ceiling to those fundamentals you talked about, answering questions american essays about getting the financial house in order ?-que?-que x do you think that creates the most uncertainty going forward in the long-term? >> it is a tremendous source of uncertainty. there are others but that is a major source of uncertainty. credit markets will surely look at as indicated by the letter transmitting the credit rating downgrade. >> thank you, mr. chairman. yield back. >> mr. rangel is recognized for five minutes. >> thank you, and welcome back, mr. chairman.
Jan 23, 2013 9:00am EST
deficit. it pales by comparison to the deficit we face here, but nevertheless, for a state our size, a not insignificant amount. we had not balanced our budget, even though it's constitutionally mandated, we had not balanced it for seven years. governor daniels and his team had the vision and the political courage to make much-needed changes, and the people of indiana supported and responded. while other states increased spending and raised taxes, indiana reduced spending, cut taxes and paid down our debts. governor daniels and the ledges slew tour and with the support -- and the legislature and with the people of the people of indiana slowed down spending and state expenditures have grown at one-quarter of the rate of the previous decade. they also reduced the size of state government. indiana has the fewest state employees per capita in the country. we paid down the previous debt by 43%, and we currently sit with a budget surplus and a rebate program which will give money collected in taxes back to the taxpayer because of the efficiency and effectiveness of our spending program in
Jan 23, 2013 5:00pm EST
reduce the deficit and committed to spending cuts, we have $1 trillion ourselves in medicare, in the affordable care act and other actions. we know there has to be revenue, there has to be growth. and what are we talking about, gizmos in a bill, unworthy, beneath the dignity of the issue that is before us, the full faith of the credit of the united states of america. >> have you talked to leader reid about it? >> also on another subject quickly, could you discuss your possible divided loyalties of having been involved -- [laughter] >> oh, my, you better go, madam leader. >> i'm wearing red. that is a 49er color. let me say this and i told it to mr. hoyer when he said he wanted to make a wager. i said i'm rooting for the 49ers and not rooting against baltimore. my father built baltimore stadium. i'm a baltimore sports fan which is my second team. i'm proud of the ravens. but my constituency is san francisco. my children were raised -- going to games with joe montana and all of the stars, young and everyone since then, and will be supporting and rooting for the 49ers, not rooting again
Jan 27, 2013 8:00am PST
quote need more revenue as well as more cuts to get the deficit down. i've talked to leader reid. budget claire murray. we're going to do a budget this year, and it's going to have revenues in it. and our republican colleagues better get used to that. >> so this is still a fight between how much spending cuts and how much taxes. the president got his -- >> well, simpson 3w0-bowles sai let's get rid of the high tax rates. the president doesn't want that. you had $1 trillion in tax increases with obama care. new tax increases at the beginning of this month. and now they are calling for even more tax increases, and they are not calling to cut spending. they are calling for spending increases. so basically what they're saying is, they want americans to pay more so washington can spend more. that's not going to help the economy, and that is not going to close the gap and balance the budget. the reason we want to balance the budget is not to make the numbers add up. we think that's necessary for growth and opportunity. we think it's necessary to make sure that our kids don't get this debt that
FOX Business
Jan 28, 2013 8:00pm EST
agreement being worked on right now to further reduce the deficit by asking the wealthiest 2% of americans to pay higher taxes for the first time in two decades. liz: really, reduce the deficit? that did not take long. all of that new tax money drummed up by raising rates on the upper bracket is gone. congress spending it all in one boat. says this is proof positive tax hikes alone won't be what fixes our debt. >> that is absolutely right. members of congress, particularly democrats getting reelected and help putting america back on a path for fiscal sanity. they will not be fiscal sanity. liz: it was just so ugly, whole group of taxpayers and dr. norse attacked, basically now resting the president whipping fastballs by the american people. clearly the american people are much smarter than that, what do you make of that? >> we know this from what the president has told us, every year he puts on a budget, every year we see it adds billions and billions over the next 10 years because it doesn't matter how much it taxes the american people, this isn't about taxing the rich, it is gr
Jan 22, 2013 8:00pm EST
introduced. we have had trillion dollar deficits every year. nobody would expect to be paid if they didn't do their job. no budget, no pay. if harry reid cannot pass a budget, they are fundamentally moving the responsibility why they should even be in the majority. to me, this is a turning point for this country, getting to the fundamentals of a planning for the future that this could be the mark of a great american comeback. >> good evening. yesterday, the president was inaugurated and he took a similar -- he took an oath of office that is very similar to the one that we take as members of congress, to uphold the constitution and to protect this country. and it starts with getting a budget in place. that is pretty fundamental to governing and the federal government is operating right now with a continuing resolution. and we need a budget in place. we need a senate to pass the budget. it's going on four years since the senate has passed the budget. the senate has said his budget is going to be delayed. america, families understand they need to pass a budget. you may not want to do i
Jan 22, 2013 10:30pm PST
control some of our costs and understand where our trajectory of our budget deficit is going to be. certainly, the budget is not simply a numbers issue. it has a big impact when you translate it into the lives of our residents. when you are talking about deficits that may impact the morning commute because you write muni -- you ride muni, or whether we're talking about closing down seven facilities, or whether we're talking about impacts to services, there is an impact to residents, so i think that impact of the budget is big, as well as economic growth for our residents. >> what are the biggest issues for your district? supervisor chu: sunset district is a great district. it has many residents who are families. we have a lot of families in our district. lots of kids, lots of seniors, people who have raised their families there for many generations, and one of the paramount thing is, aside from the larger issues that are important to the entire city -- i think the big issue that is really in people's minds is the state of the economy. how is it that we are going to be able to bring
Jan 22, 2013 7:00pm PST
serious threat to our future with these unsustainable deficits. we are in perhaps the fifth consecutive trillion dollar deficit year, total accumulated debt of $16 trillion, no end in sight. so you have a long-term threat we have to focus our eyes on. but we also have a short-term threat, that is raising the debt ceiling or not. >> are you going to vote for the boehner plan? >> no. >> why not? >> well, let's get to the long-term threat, i want to do whatever is necessary to avoid the risk of bankruptcy. to me, that would be difficult for our country, devastating to our economy, far worse than any economic period seen in the history of the united states. in my judgment if the federal government becomes insolvent or goes into bankruptcy because the debt has accumulated to such an extent that it overwhelmed our ability to pay. in that context, then, i'm willing to raise the debt ceiling if one or two things happens. first, the constitutional amendment must pass the united states congress and sent to the people. >> that could happen. >> certainly may not happen if we don't try,
Jan 25, 2013 7:00pm PST
budget office who does the forecast of what the deficit will be, that you have to shrink to get to balance, cbo has changed its forecast. it is more optimistic. it now forecasts $750 billion less in deficits over ten years, with no changes in policy than it did a year ago. so ryan is going to take advantage of the fact that the amount by which you have to shrink the deficit to get to balance is smaller than it looked like a year ago. the third one is interesting. remember, ezra, in ryan's budget a year ago he took credit for all the savings in medicare that are in the affordable care act, then he and romney disowned them. i bet they're right back in budget like they were last year. he will do all of those things, and then on top of them he will have huge cuts in, as you said, the part of the budget that is everything other than defense and everything other than entitlement programs, where education and environmental protection and food safety is. and the advantage for him there is he just lowers the total dollar amount for that part of the budget. and he does not have to identify a
Jan 23, 2013 1:00am EST
to budgeting. we have a fiscal crisis. we are racking up trillion- dollar deficits. this is not a republican against democrat thing. it's a math thing. this debt crisis is comingall od people for past behavior. this is meant to get congress back to doing its job, to simply following the law to budgeting. we have a fiscal crisis. we are racking up trillion- dollar deficits. this is not a republican against democrat thing. it's a math thing. this debt crisis is coming because of the debt that is piling up. all of the independent fiscal authorities tell us this. the rating agencies downgrade us because they think our political system is broken at an impasse. therefore, no solution is occurring. and our argument is the way to break that impasse is to start budgeting. the law says we should budget. we should follow the law. we have disagreements on how to budget. but at least we ought to come to the table with each of our individuals and our plans. if you're ever going to get to a solution, what usually happens under what we call regular order is we pass our budget vision, the other si
FOX Business
Jan 22, 2013 5:00pm EST
you look at the trade deficit we have, which peter morici more than anybody has tracked, we, we have issues dealing with our economy. we aren't dealing with. spending should be --. melissa: absolutely are. >> don't go putting us in the tank here. melissa: what is the best outcome for the economy with the debt limit debate? >> we certainly have, the dennis is right they have to raise the limit right now. however, i think that linking the next extension with passing a budget is a good thing because after all, how much you raise the limit is going to be a function of how much you intend to spend more than you take in. and so, we do at some point have to get to disciplining spending and linking it to how much additional we borrow. i think that is a reasonable thing to do. so i like the strategy of, you know, may 1th. -- 19th. that said, we really can't reduce the deficit a lot unless we do something about our budget deficit. you see, the trade deficit. the trade deficit detracts from demand. the budget deficit adds to demand. if you're going to reduce that addition, you have to reduce th
FOX Business
Jan 27, 2013 2:00am EST
huge deficits and you will be problems as long as obama who wants to expand government over our lives. reduce the deficit by reducing the role of government. >> coming up. net flicks netting huge gains after strong gains and informers releasing their names. name to make you money, coming up.
Jan 27, 2013 11:15pm EST
williams to wright. cans the 3. deficit cut to 4. northeastern ends the game on a 22-6 run of its own. george mason falls to northeastern 71-51 the final. >>> off the tiger turnover, getting ahead. eric green to brown for the jam. game tied at 33 at the break. second half. mcdaniels misses the three and hustles, too. booker tries to get the put back in. here comes daniels. tigers up 3. two minutes to go. tigers lead down to the 2. inside to milton jennings who hits the jumper. game high 28. virginia tech falls to clemson, 77-70 and drops to 4-8 in acc play. >>> of the two sides that weren't really trying, who tried harder? next.  >>> unlike next week's super bowl, where the two sides lay it all on the line, the pro bowl features two sides that lay as little on the line as possible. honor to go. five redskins invite, three playing. defense represented today in honolulu. always wanted to give maximum effort. manning to green. green had three touchdown catches today. third quarter, nfc leading. washington, one of the greats. look who is leading the way in the blocking. alex
Jan 21, 2013 4:00pm PST
the deficit has grown and he has not put his weight behind climate change. in his first address, he mentioned climate change three times. and there are still problems in the country and the criticism -- is that he has given a fabulous speech but has not followed through. >> i think some of the criticism is fair but you have to also talk about his initial priorities or challenges. he is really committed to doing something about this in the second term. the deficit is one of the most difficult issues and the president -- he does not sign the appropriation bills until they are passed by congress. and this is not something that the president can do alone. it is the congress decides how big the deficit will be but the president has to work with congress. we need more revenue and we need to drive down spending. i think the president understands that and he is working on this but he cannot do this alone. >> looking forward to the next four years, do you see an america that is retreating? >> i see an american -- an america that is moving to asia. the america they are focusing on asia but ha
Jan 28, 2013 8:30am EST
fiscal deficit. in europe that was never true. >> in the states, you know that you have your local government, you have your state government, and you have your federal government. you pretty much know the architecture of who governs, who legislates, and who runs the show. europe, it's a little more complicated. you start with the national governments and they have their own constituencies, their own electorates to represent. now add to that a layer of eurozone institutions, so organizations, institutions that were built to deal with europe and the eurozone. one of them is the european commission, which is based in brussels and they are essentially the administrators and the bureaucrats of the european project. but also crucially, in frankfurt, the european central bank, which is the central bank for all 17 eurozone countries and the closest thing that the euro has to a fed, only it doesn't perceive itself as powerful as the fed. >> many people knew there would be a crisis all along at some point, because it was only when you had the crisis that you have the political impetus to ac
Jan 27, 2013 10:00am EST
. this is not the democrats or republicans. his budget gave as $5.30 trillion in deficit. the only areas where we are decreasing is in our defense system. that is what needs to change. we need to make our case to the american people. right now they do not know that the only major area of government where he is making reductions is in our defense system. i did not agree with him when he wanted to change the emphasis on the middle east to the far east. that is why i went to the far east last week and looked. we have serious problems. we have changing of our personnel from japan to guam. this is the sign for the president's to be diminishing the punishment. i knew this was coming. i remember his first budget four years ago. i knew what he was going to do. he was going to be starting his army of america. in may sound and fair but that is what i mean. i went to afghanistan so i can watch what is going on. but remember what happened. he defunded are only fit generation fighter. he did the same thing with airlift capacity. he did away with our future combat system. that is the first time
Jan 21, 2013 10:30pm PST
deficits as the national emergency of our time. that has driven the story line inside the beltway. we did a story on how the austerity cost rules washington. it is a portrait of think tanks, philanthropists and others who have framed in a way so it is hard to tell an alternative story. that has shifted a little because of new voices and forces emerging from the 99% or what ever you want to call it. >> you had better have twitter and facebook involved in the project. >> we do, absolutely. we have all kinds of new media. i agree you need to use all of that. it has been a very powerful force. we use all of that at "the nation. " we have a correspondent right about this in a politically. at occupy wall street in new york a few miles from our office, one thing that struck our correspondent was how many young people came to the square and were caught up in conversations, talking to people and the general assembly's, conversations. so many people have lived in front of their laptop or been part of the new media that the ability to communicate and talk and sit around -- you cannot do it all the tim
Jan 23, 2013 7:00pm PST
for. exports plungeded in 2020 leadi to a record high trade deficit. imports rose as japan brought in more and more energy resources to fill a gap at home. finance ministry officials issued a preliminary report. they say the trade deficit came to about 6.29 trillion yen, more than $78 trillion. exports fell 2.7% in yen terms. the strong yen hurt exporters. they saw demand from europe drop off. exports from china dropped too. consumers there steered clear of japanese goods. imports rose 3.8% to $798 billion. the rise mainly due to higher demand for liquefied natural gas. investors are trading on the latest data. what is you been seeing this morning? >> right after that announcement investors sold the yen but the yen against the dollar has recovered to the mid 88 yen level now. the dollar yen currently trading at 88.55. analysts say that's been yen selling pressure is not as strong as it's been before the bank of japan policy earlier in the week. let's see how this is affecting stockers. investors are trying to cake ta cues from the yen move. some investors are taking profits while o
FOX Business
Jan 27, 2013 1:30am EST
them back into the presidency barack obama, who ignored, ignored his own deficit panel on recommendations. on the other thing, as a tactical matter, the republicans punting, i think it's a smart thing. you know, i think if they're going to really go to battle on this thing, they've got to get their acts together and have a game plan. because i'm telling you-- >> get their ax-- >> and if we default, this country is going to go through some major, major issues, and government's going to stop working and that's going to affect a lot of people. and we have not been through, when two-thirds of the federal government has shut down. >> adam, adam, this is it, charlie put it it in a nutshell, the scare tactic, that we're obligated to this mountain of debt until it falls on top of us, if that's the only route we have. >> we are, but let me try to put this in perspective. i absolutely agree with you, charles, politicians should be prepared to lose their jobs on major issues. there comes a gut check time. i'm going to do what's right. now, the question is, is this that time? i don't
Jan 27, 2013 8:00am EST
year. but the issue with regard to the big deficits relates to the fact that the postal service has to prepay a fund that will pay for future retirees' health care benefits over the next five years. an accounting mechanism put into the law in 2007, requiring the postal service to pay $5.5 billion a year that has added up to enormous deficits that the postal service simply can't pay. if you look at the operating deficit of the postal service last year, it was about 2$2.5 billion and they are hoping to reduce that deficit this year. but the burden that they have with the big health care payments creating enormous pressure on the postal service and making difficult to adjust to the future. >> so i guess what is the answer then? can we just cut to the chase? what price do we really need here to get the postal service out of debt? >> well, you know, the postal service, we figure out how much money they would need and the prices, it could raise 25% or more. and given the competition with the internet, are you likely to get fewer pieces of mail and raise the prices even more. simply raising p
FOX News
Jan 21, 2013 3:00pm PST
brothers and sisters are treated like anyone else under the law. >> debt and deficit front and center he offered a vigorous defense of entitlement programs. >> we must make the hard choices to reduce the cost of healthcare and size of the deficit. we reject that they must choose between caring that built the country. >> like every president since fdr, mr. obama started his day early, with a prayer service at st. john's church. before departing the white house for the longest motorcades known to man for the rise to the capital. a star-studded affair. where else do you see paul ryan mingling with jay-z and beyonce who belted out the national anthem. >> the ceremony was over there was a stream of pomp and circumstance waiting. >> from signing papers to officially nominate the new cabinet to lunch with congressional leaders. then, of course, the parade. the first family could make the way back to the white house in that grand bulletproof review stand. yet all of that could wait because leaving the west front of the capitol, the president went off script to take in the vista of the national m
Jan 22, 2013 7:00am PST
of the deficit. the focus, it seemed to me, if there was an overriding theme, it was on equality, including fixing income inequality. how did you see it? >> i mean, the section on deficits, health care, entitlements, was a really fascinating paragraph. it wasn't a very long piece of the speech, but it was on one hand, the pragmatist obama coming out and saying we have to make hard choices on health care, on deficits, but he pivoted hard back to that message of equality that social security, medicare, medicaid are social equalizer and he's going to defend their place in society, and that's a slightly -- he's always said similar things, but the fact that he turned so hard back to a tone of saying i'm going to defend these programs, it led people to believe rightly so that he's going to be coming at the negotiations in the next couple months, maybe even the next four years, driving a harder bargain than he had the last four years on entitlement reform. it upset some deficit hawks, people who are hoping he really takes the reins on entitlement reform and makes some of the hard decisi
FOX Business
Jan 24, 2013 4:00pm EST
government deficit spending. without those two things and trillions of dollars the overall global economy wouldn't be where it is right now. i would also somely say that -- simply say the effects of deficit spending and central bank monetizaton of that debt is having a reduced effect every time they do more. my opinion as i look at data, the global economy is slowing. earnings growth is slowing. last year was the story of investors being willing to pay more but at the end of the year than the beginning of year for prices as pe multiple expansion occurred. think 2013 will be a much more challenging year not only stocks but --. david: let me force your hand on one issue here. do you think apple could be, everybody is looking at apple as though it is anomaly in otherwise healthy market, could apple actually be a forward indicator what might happen to the overall market? >> yes. apple's a great business. i own their products. they're a great story but i have to ask, does apple deserve to be the largest capitalized company on the planet, bigger than exxonmobil? i don't think so. david: we know
Jan 24, 2013 9:00am EST
. and he continues to blame others, certainly not himself, for trillion-dollar annual deficits and skyrocketing debt, but he fails to acknowledge that his stimulus bill borrowed more than a trillion dollars, increasing the debt by that amount, and secondly that obamacare will spend more than $2 trillion in its first decade. this side of the aisle, republicans have shown our willingness to pass a budget that stabilizes our public finances. indeed, i applaud the reaction of the white house and of democrats in the senate saying that for the first time since 2009, they're willing to take up and pass a budget in the united states senate, the first time since 2009. it's long overdue, but welcome news. likewise, we are willing to make compromises, not on principle but we're willing to find common ground and we're willing to take tough votes, and indeed that's part of the budget process because we know whether it's a family budget, whether it's a small business, whether it's a county, city, state or the federal government, that priorities have to be established in a budget because we know
FOX Business
Jan 21, 2013 4:00pm EST
revamping the tax code and reducing deficits, but he signalled split decisions in an era of divided government. >> progress does not compel us to settle. centuries long debates about the role of government for all time, but it does require us to act in our time. [applause] >> for now decisions are upon us. and we cannot afford to wait. we cannot mistake absolutism for principle or substitute spectacle for politics or treat name calling as reasoned debate. [applause] >> we must act. we must act knowing that our work will be unperfect. we must act knowing that today's victories will be only partial. peter: top republicans issued bipartisan statements in the spirit of the day, but mitch mcconnell, the senate republican leader called federal spending and the debt the transcendent challenge of the great challenges of our day. david: was it president harrison who had a two hour speech at his inauguration that he caught pneumonia. this was one of the quickest speeches i have ever seen before. but bottom line here, the president, a lot of people say it sounded more like an acceptance speech
Jan 28, 2013 7:00pm EST
stimulus package. think of it this way. think of this. deficit spending robs taxpayers to finance government unions and special crony capitalist interest groups. that's why milton friedman called spending the gdp the ultimate tax burden. if you get spending gdp from 25% to 20%, wow, you'll be cooking up some economic growth. now, these cuts so-called it's about $80 billion, i think, in the first year, over ten years it runs about $1.2 trillion in total. i think it'll bolster confidence in business, i think it'll help markets, and i think it'll show people that the u.s. economy is not greece. now, everybody may not agree with me. and those that do disagree with me are, of course, wrong about this issue. but, yes, we will debate it. it's an important issue. but first up, here's what paul ryan says about why these cuts are important. >> we're not preaching austerity. we're preaching growth and opportunity. what we are saying is if you get our fiscal ship fixed, you preempt austerity. that's the -- here's what a debt crisis is. a debt crisis is what they have in europe which is auster
Jan 24, 2013 1:00am EST
deficit reduction over the past two years to $2.5 trillion. what's more, it set the stage for future further balanced agreements that include both spending cuts and new revenue. we should proceed with that effort, not plunge into further uncertainty. i reserve the balance of my time. the speaker pro tempore: the gentleman reserves. the gentleman from smch recognized. mr. camp: i yield myself 15 seconds to say, standard and poor's downgraded the u.s. on august 5 after the solution was passed. therefore it reflects that what we agreed to falls short to stabilize the medium-term debt die nam ins. with that i yield two minutes to a distinguished member of the ways and means committee, the gentleman from wisconsin, mr. ryan. mr. ryan: i ask unanimous consent to revise and extend. the speaker pro tempore: without objection, recognized for two minutes. mr. ryan: you know what we know with certainty? we know with certainty a debt crisis is coming to america. this is not a question of if, it's a question of when. what is a deb crisis? it means we can't keep living beyond our means. we can't k
Jan 22, 2013 11:00pm EST
deficits. let me say one thing americans will no longer tolerate is an attitude that says we can put off our work until the very last minute. they're tired of 11th hour deals. tired of 11th hour deals. they're tired of careening from crisis to crisis. and so am i. the good news is a return to regular order is the surest way to solve the problems we face, and i hope some of my friends on the other side will agree that there is value in this body actually functioning the way it was intended to. let's face it, the status quo isn't working. the senate isn't functioning as it should. and it has nothing to do with a process that has served us well for a very long time. but if we work together and strive to avoid some of the bad habits we've developed around here i believe we'll be able to achieve the solutions that have eluded us for the past four years and develop positive results for the people who sent us here with time to spare. we can do better. i know my constituents expect better than what they have been getting from congress in recent years, and so should we. years, and so should w
Jan 29, 2013 9:00am EST
to lead a bipartisan deficit commission with former republican senator alan simpson. the two men, along with a commission, proposed recommendations for you are a big and bold plan to reduce our long-term debt. rather than heed some of these recommendations and build off of this bipartisan momentum cephal years ago -- several years ago, the president ignored it completely and since has done nothing and offered no plan of his own p. -- of his own to fix our dire fiscal plight other than to propose new taxes. as i mentioned in previous remarks the president got his tax increases on millionaires and billionaires, but no one should be fooled into thinking that this solves our fiscal crisis. recently in ain' in an intervier chief of staff erskine bowles rightfully criticized the administration and the congress for not striking a significant budget deal and called it the most -- that failure the most disappointing thing in my life. he went on to say, "ther "they'e bouncing from one crisis to noamplet it's nuts. we have an enormous fiscal problem in it country. we've got to put our big b
Jan 23, 2013 7:00am EST
deficit reduction plans but would like to see democrats eventually accept. today we will have a vote on whether or not to extend the nation's borrowing limit, how much money you can put on the credit card. the way they see it is house republicans want the senate to finally vote on a full budget of their own. it is something the senate has not done for many years. it is seen as a way for harry reid to have the kind of more vulnerable lawmakers on capitol hill from taking some tough votes. anytime you vote on a full budget, there's a lot of stuff in there, so there's a lot of stuff that people can come after you with. kind of the backdrop here is that house speaker john boehner has had some hiccups or headaches lately. it started late last year when house republicans struggled over how to deal with the george w. bush tax cuts. the house wanted them all extended for everybody. democrats are never on board. president obama was never going to be on board with the idea. so john boehner struggled in that situation, even coming up with an alternative plan for extending tax breaks for anyone mak
Jan 27, 2013 12:00pm PST
deeper cuts to reduce the deficit. that keeps me employed for a few more months. but even before that deadline hits, again, march 1st will be on us. the so-called sequester deadline. that's a stupid washington name for a stupid and dangerous washington creation. the automatic across the board spending cuts. and then there's another date to worry about, april 15th. not just tax filing day, but the date by which congress has promised to adopt a budget resolution. they've even this time staked their pay on it, agreeing to reach a deal or face suspension of their paychecks until they reach a deal. that might just be enough of a carrot to present a budget that takes on our ballooning deficit. but the battle over that deficit make that recent battle over tax hikes for the rich seem like a friendly game of badminton. big spending cuts are needed and they will hit americans where it hurts. health care, medicare, social security. president obama emboldened by his re-election has already drawn his so-called line in the sand. now, republicans have to be the proverbial. come to the proverbial tab
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